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Financial Times: BlackRock is stepping up its efforts to pressure corporate boards on climate change by joining an influential investor group, after the world’s largest fund manager was accused of failing to match rhetoric with action. [Full article available to Financial Times subscribers.]
Institutional Investor: In September, 12 asset allocators and managers announced that they had signed on to a new stewardship code that committed them to transitioning their investment portfolios to net-zero greenhouse gas emissions by 2050. Signatories included PensionDanmark, Caisse de dépôt et placement du Québec, and Allianz, among others.
Citywire Selector: Fund houses’ road to ESG integration and emphasis has been a long and winding one, and it will continue to present challenges that companies must acknowledge and adjust accordingly to.
Top 1000 Funds: Most institutional investors have long-dated obligations that extend decades into the future. Consistent with their long time-horizon and the need to deliver inflation-beating returns, such investors typically allocate the majority of their capital to public and private equity, real estate and infrastructure assets. Increasingly, such allocations are managed with environmental, social and governance (ESG) concerns to the fore.
Institutional Investor: Activist hedge funds are successfully pressing companies to reduce toxic chemical emissions and produce bigger stock returns as a result, according to research from business schools in the U.S. and China.
IPE: Integrating ESG has become commonplace in institutional investment, but generally the discussion has focused on areas such as security selection and stewardship. Relatively little attention has been paid to ESG considerations at the level of strategic asset allocation (SAA), which is often described as a bedrock of institutional portfolios.
Financial Times: What do Aviva, HSBC, Legal & General, Nomura and Northern Trust have in common? They all agreed this year to lobby Silicon Valley’s biggest social media companies about content. [Full article available to Financial Times subscribers.]
Citywire Selector: It seems that every other day there is news about another asset manager integrating ESG into portfolios and almost as frequently an announcement that more ESG analysts have been hired. This is all good progress but raises key questions which haven’t received a much attention: how much does it cost to maintain an expanded roster of ESG staff and are these costs passed on to investors?
Think Advisor: Keep this year in mind: 2044. That’s when MSCI projects there could be a 50/50 gender split on company boards globally. Although that date seems far away (and no doubt some of us won’t be around to witness it), the MSCI’s Women on Boards 2019 Progress Report has found some positive trends.
Reuters: Tens of trillions of global investment dollars are pouring into companies touting robust environmental, social and governance credentials. Now short-sellers spy an opportunity.
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